Publications

As distributed energy generation is becoming increasingly common, the debate on how a utility’s customers should be compensated for the excess energy they sell back to the grid is intensifying. This article provides a thorough analysis of the benefits and the costs of distributed generation and highlights the analytical flaws and missing elements in the competing positions and in all the existing policies.

In this essay, we highlight a wide variety of regulations from the Clean Air Act’s forty-five-year history that provide substantial precedent for the flexible design of the Clean Power Plan.

This working paper offers detailed analysis of our survey of economic experts on climate change issues. We surveyed all those who published an article on climate change in a highly ranked economics journal over the past 20 years. The survey focused on estimated climate impacts and appropriate policy responses, and the results reveal several areas where expert consensus exists on these issues.

This Essay examines and explains the positions of the principal interest groups over the past four decades with respect to the two central questions of environmental policy: the appropriate policy goal and the instrument that should be used to carry out the policy. While environmental groups and industry have largely switched positions on the two central questions of environmental policy, the points at which their positions overlapped were fleeting, and opportunities to make substantial progress in rationalizing the system of environmental regulation have largely been unrealized.

This essay argues that U.S. environmental policy should operate in accordance with five major components of rationality: cost-benefit analysis; cost minimization; flexible market-based instruments; constraints on grandfathering; and the sensible allocation of decision-making authority between the federal government and the states. This past Term, the Supreme Court decided two significant cases, which together should be seen as producing a move toward rationality in environmental policy.